Philip Morris Appeals $10.1-Billion Verdict
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Philip Morris USA has appealed a $10.1-billion judgment in a “light” cigarette case, claiming that the award against the largest U.S. cigarette maker is excessive and the suit never should have gone to trial.
The unit of Altria Group Inc. asked the Illinois Supreme Court to hear the case. The company also asked the state’s highest court to limit the size of a bond required to appeal a case. Madison County Judge Nicholas Byron found in March that Philip Morris misled Illinois smokers about the risks of light cigarettes and awarded $10.1 billion in damages.
The judge initially ordered the firm to post a $12-billion bond while appealing.
He cut that to $6.8 billion after Philip Morris said a $12-billion payment might force it to file for bankruptcy protection.
Altria shares rose $1.40 to $33.10 on the New York Stock Exchange.
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